A TRIUMPHANT G20 BALI LEADERS SUMMIT

Indonesia G20 Presidency concluded the two-day Summit 15-16 November in Bali with a resounding success. It releases a unanimous G20 Bali Leader’s Declaration that strongly supports global climate action, strengthening policies, mobilising financing, technology transfer and capacity building to foster collaboration between developed and developing countries for climate action and the SDGs.

The in-person meeting between the world’s two largest economies, US President Joe Biden and China President Xi Jin Ping at the margin of the G20 ended positively with both sides pledging to overcome differences, and work together on global challenges such as climate change and food security.

Indonesia announces the historic $20 billion ‘Just Energy Transition Partnership (JETP)’ Joint Statement with the USA and Japan as joint leads, the UK, Germany, France, the EU, Canada, Italy, Norway, and Denmark to support its ambitious just energy transition to keep global warming to below 1.5 °C. The

Partnership is expected to retire Indonesia’s coal power plants and shift significantly to renewable energy, delivering strong emissions reductions, drive sustainable development and economic growth, while protecting the livelihoods of communities in affected sectors.

Indonesia also launches several firsts. Initiated by the Government of Indonesia, the G20 members acknowledged and included the Global Blended Finance Alliance (GBFA) in the G20 Bali Leaders’ Declaration as a global community of support to accelerate investment in climate action and sustainable development. The GBFA could promote the scaling and replicating of blended finance instruments to incentivise private sector investment in Developing Countries, including Least Developed Countries and the Archipelagic Island States. Indonesia launches the inaugural Ocean 20 which will become a permanent G20 engagement group to advance public-private cooperations to spur investment for the sustainable growth of the ocean economy as well as protecting and restoring marine ecosystems. It was also the first time Music 20 was held with the aim of promoting climate action within the industry and reducing its carbon footprint.

Under the auspices of President Joko Widodo, the 2022 Tri Hita Karana Forum “Future Knowledge and Better Business Better World”

- the pre-eminent sustainability side event of the G20 - has catalysed over $30 billion worth of pledges, projects and initiatives in clean energy, avoided deforestation, ecosystem restoration, marine protection, circular waste management and human health. Key launches under the New Era Bali Roadmap include Tri Hita Karana Center of Future Knowledge, Knowledge Innovation and Technology Alliance (KITA), Future Knowledge (Prize) Alliance, Data Governance for children, Digital Talent Capacity Building Program with the Ministry of Communication and Informatics, Tsinghua Southeast Asia Center, UN SDSN and Rocky Mountain Institute Southeast Asia hubs, and E-Liability dynamic carbon accounting led by Harvard and Oxford Universities.